英国金斯顿大学代写:分析个人证券

Keywords:英国金斯顿大学代写

当我们需要分析个人证券的风险时，我们必须考虑投资组合的其他证券。因为，当增加一个安全性时，我们对增加投资组合的附加风险感兴趣。因此，对投资组合的风险分担风险的概念与安全性本身的风险是不同的。投资者面临两种风险。一种叫做系统风险，另一种叫做非系统性风险。非系统性风险是一种风险，通过增加投资组合的多样性，可以最小化或消除投资组合的多样性。系统性风险被称为市场风险。因为，这取决于市场的整体走势和整个经济的财务状况。通过分散投资组合，我们无法消除系统性风险。从理论上讲，CAPM提供了关于如何衡量风险和回报关系的非常权威的预测。然而，CAPM的实证证据并不十分令人鼓舞。人们可能会得出这样的结论:这些失败的根源在于模型的拙劣构建，但一旦发现这种失败的原因就在于构建全面和有效的测试模型的困难。CAPM的估计策略不受数据窥探偏差的影响。由于经济理论的非实验性质，我们无法回避这个问题。此外，已经做了大量的调查来测试CAPM的有效性。因此，本文没有尝试验证该模型的有效性。在本文中，我们将对CAPM测试的一些文献进行批判性的研究。我们将从理解模型开始。我们将简要介绍一些数学模型，以了解模型的基本假设。然后，我们将集中讨论单和多因素CAPM模型，分析模型假设和约束，以使这些模型为真。
英国金斯顿大学代写:分析个人证券
When we need to analyze the risk of an individual security, we have to consider the other securities of the portfolio as well. Because, we are interested about the additional risk being added to the portfolio when one addition security is added to the portfolio. Thus the concept of risk share of an individual security to the portfolio is different from the risk of that security itself. An investor faces two kinds of risks. One is called the systematic risk and the other is known as unsystematic risk. Unsystematic risk is a kind of risk which can be minimized or eliminated by increasing the size of the portfolio, namely, by increasing the diversity of the portfolio. The systematic risk is well known as the market risk. Because, it depends on the overall movement of the market and the financial condition of the whole economy. By diversifying the portfolio, we cannot eliminate the systematic risk. Theoretically CAPM offers very commanding predictions about how to measure risk and return relationship. However, the empirical evidence of CAPM is not very encouraging. One may conclude that these failings are rooted in poor construction of the model but once can argue that this failing arises because of the difficulties of building comprehensive and valid test model. The estimation strategy of CAPM is not free from the data-snooping bias. Because of the non-experimental nature of economic theory we cannot avoid this problem. Moreover a lot of investigations already have been done to test the validity of the CAPM. Thus, no attempt has been made in this paper to test the validity of the model. Here in this paper we will critically examine some literatures on CAPM testing. We will begin with understanding the model. We will briefly outline some mathematics required to understand the underlying assumptions of the model. Then we will focus on the single and multi-factor CAPM models to analyze the model assumptions and restrictions required to hold these models to be true.